The case involves an application (IA No. 2573/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Altair Industrial Technologies Private Limited. The CIRP was initiated based on a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The applicant, Small Industrial Development Bank of India (SIDBI), objected to the resolution plan approved by the Committee of Creditors (CoC), primarily due to the extinguishment of personal guarantees of the promoters and alleged irregularities in the resolution process. The CoC initially approved liquidation but later considered a resolution plan submitted by the suspended director. The applicant contends that the resolution plan violates the IBC and related regulations,
…1. CIRP was initiated against Altair Industrial Technologies Private Limited on 2019-02-26 under Section 10 of the IBC.
2. The initial resolution plan submitted by the suspended directors was rejected by the CoC.
3. The CoC approved the initiation of liquidation on 2019-11-19, and Respondent No. 1 filed an application for liquidation.
4. During the pendency of the liquidation application, the unsuccessful resolution applicant filed an application seeking permission to submit a resolution plan and extend the CIRP period, which was allowed on 2021-07-29.
5. The unsuccessful resolution applicant submitted a revised resolution plan dated 2021-10-18, which was approved by the CoC on 2021-10-18 with 91.95% voting in favor.
6. The applicant, SIDBI, voted against the resolution
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CIRP initiated against Altair Industrial…
CoC approved the…
The case involves an application (IA No. 2573/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Altair Industrial Technologies Private Limited. The CIRP was initiated based on a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The applicant, Small Industrial Development Bank of India (SIDBI), objected to the resolution plan approved by the Committee of Creditors (CoC), primarily due to the extinguishment of personal guarantees of the promoters and alleged irregularities in the resolution process. The CoC initially approved liquidation but later considered a resolution plan submitted by the suspended director. The applicant contends that the resolution plan violates the IBC and related regulations,
…1. CIRP was initiated against Altair Industrial Technologies Private Limited on 2019-02-26 under Section 10 of the IBC.
2. The initial resolution plan submitted by the suspended directors was rejected by the CoC.
3. The CoC approved the initiation of liquidation on 2019-11-19, and Respondent No. 1 filed an application for liquidation.
4. During the pendency of the liquidation application, the unsuccessful resolution applicant filed an application seeking permission to submit a resolution plan and extend the CIRP period, which was allowed on 2021-07-29.
5. The unsuccessful resolution applicant submitted a revised resolution plan dated 2021-10-18, which was approved by the CoC on 2021-10-18 with 91.95% voting in favor.
6. The applicant, SIDBI, voted against the resolution
CIRP initiated against Altair Industrial…
CoC approved the…